The applicant, Bhupendra Pancholi, filed an application seeking the restoration of a Company Petition (C.P. (IB) No. 216/MB/2019) that was initially disposed of based on consent terms agreed upon between the applicant and the respondent/corporate debtor, M/s Kavya Buildcon Pvt. Ltd. The original petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, after the applicant purchased a flat from the respondent and issued a letter of allotment dated 14.01.2016. The applicant claimed the respondent failed to comply with the consent terms, leading to the present application for restoration.
Bhupendra Pancholi (Applicant) purchased a flat from M/s Kavya Buildcon Pvt. Ltd. (Respondent/Corporate Debtor) for Rs. 65,68,664/-. The Respondent issued a letter of allotment dated 2016-01-14. The Applicant, as a Financial Creditor, filed C.P (IB)/216(MB)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor. Consent terms were executed, and the petition was disposed of on 2019-10-17. The Corporate Debtor was obligated to pay Rs. 80,68,664/- as per the consent terms but failed to comply. The Applicant issued a notice dated 2021-03-05 to the Respondent. The Financial Creditor (Applicant) died. An amendment to Section 7 of the Insolvency and Bankruptcy Code, 2016, requires a minimum number of allottees to jointly file for CIRP.
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Respondent issued a…
The original petition…
The applicant, Bhupendra Pancholi, filed an application seeking the restoration of a Company Petition (C.P. (IB) No. 216/MB/2019) that was initially disposed of based on consent terms agreed upon between the applicant and the respondent/corporate debtor, M/s Kavya Buildcon Pvt. Ltd. The original petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, after the applicant purchased a flat from the respondent and issued a letter of allotment dated 14.01.2016. The applicant claimed the respondent failed to comply with the consent terms, leading to the present application for restoration.
Bhupendra Pancholi (Applicant) purchased a flat from M/s Kavya Buildcon Pvt. Ltd. (Respondent/Corporate Debtor) for Rs. 65,68,664/-. The Respondent issued a letter of allotment dated 2016-01-14. The Applicant, as a Financial Creditor, filed C.P (IB)/216(MB)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor. Consent terms were executed, and the petition was disposed of on 2019-10-17. The Corporate Debtor was obligated to pay Rs. 80,68,664/- as per the consent terms but failed to comply. The Applicant issued a notice dated 2021-03-05 to the Respondent. The Financial Creditor (Applicant) died. An amendment to Section 7 of the Insolvency and Bankruptcy Code, 2016, requires a minimum number of allottees to jointly file for CIRP.
…Respondent issued a…
The original petition…